The smart money says yes. City are favourites for the title, with United jockeying with Chelsea to be second favourites.

The gap in the odds back to Tottenham, Arsenal and Liverpool is significant.

So it is time to don the tin hats and predict how this season’s Premier League will pan out, looking at each time’s likely finishing position, as well as their ceiling (best-case scenario) and floor (worst-case scenario).

Manchester United will look to Romelu Lukaku to spearhead their Premier League title challenge. Source: Reuters/Eddie Keogh

Champions: Manchester City (last season: 3rd)

City have addressed their defensive issues with their summer recruitment, bringing in Kyle Walker, Benjamin Mendy, Danilo and a new goalkeeper in Ederson, while their attack remains as potent as ever. With Gabriel Jesus ready to explode as a genuine Premier League star, Guardiola’s side should have enough to regain the title the club last won in 2013-14.

Key signing: Kyle Walker (Tottenham)

Key departure: Kelechi Iheanacho (Leicester City)

Ceiling: Champions

Floor: Scraping into the top four

2nd: Manchester United (6th)

Mourinho’s teams are notoriously difficult to beat, and even last season – when all was far from perfect at Old Trafford – they conceded only 29 goals and lost only five games. With Romelu Lukaku having been recruited, they now have additional quality up front, although it will be interesting to see what happens regarding Zlatan Ibrahimovic.

Key signing: Romelu Lukaku (Everton)

Key departure: Wayne Rooney (Everton)

Ceiling: Champions

Floor: Narrowly missing out on the top four

With Diego Costa likely to leave the club, Chelsea have signed striker Alvaro Morata from Real Madrid. Source: Reuters/Tony O’Brien

3rd: Chelsea (champions)

Antonio Conte delivered the title in his first season, having inherited a Chelsea team that had finished 10th, but a repeat looks difficult given the way City and United have spent again this summer. Chelsea’s recruitment looks shrewd, but there are no guarantees Alvaro Morata can replace Diego Costa’s goals, while they have strengthened United by selling them Nemanja Matic. The defending champions also appear to lack depth in key areas.

Key signing: Alvaro Morata (Real Madrid)

Key departure: Nemanja Matic (Manchester United)

Ceiling: Champions again

Floor: A lack of depth seeing them miss out on the top four

4th: Liverpool (4th)

Liverpool have strengthened their attack by bringing in Roma’s Mohamed Salah, and they appear to have fended off Barcelona’s interest in Philippe Coutinho, but doubts persist over their defensive capability. They may try to revive their interest in Southampton’s central defender Virgil van Dijk, but if they do not add quality at the back, their attacking prowess alone is unlikely to be enough to end their wait for a title.

5th: Arsenal (5th)

Arsene Wenger seems to have ridden a storm of criticism that would have seen weaker characters buckle, and by winning the FA Cup and Community Shield, and signing Alexandre Lacazette, he has hinted at a renaissance. Much depends on what happens with Alexis Sanchez between now and the transfer deadline.

Key signing: Alexandre Lacazette (Lyon)

Key departure: None… yet

Ceiling: Champions, if Sanchez stays and Lacazette clicks

Floor: Finishing way off the Champions League qualification places if neither of those things happen

6th: Tottenham Hotspur (2nd)

By doing very little, while their rivals have been strengthening, many feel Spurs have fallen behind. That remains to be seen but losing Kyle Walker to a rival will not help, nor will the interview fellow full-back Danny Rose this week gave to an English newspaper. Mauricio Pochettino is one of the top operators in the league, though, and has proved he can develop and improve talent. How Spurs deal with their Wembley issues, and whether they can bolster their squad in the next three weeks, will be crucial to how they fare.

Key signing: None… yet

Key departure: Kyle Walker (Manchester City)

Ceiling: A title bid

Floor: Being left behind by their big-spending rivals and missing out on the top four

7th: Everton (7th)

Everton have spent big on Jordan Pickford, Davy Klaassen and Michael Keane, while also bringing Wayne Rooney home this summer. They have cash, ambition, and, in Ronald Koeman, a manager with nous. But the top four might be beyond them this season.

Key signing: Wayne Rooney (Manchester United)

Key departure: Romelu Lukaku (Manchester United)

Ceiling: Scraping into the Champions League

Floor: Slipping from 7th, although this seems unlikely

Wayne Rooney is back with Everton after 13 years at Manchester United. Source: Action Images via Reuters/Adam Holt